英語資源頻道為大家整理的china daily 雙語新聞：金融監(jiān)管令銀行復蘇受阻？，供大家學習參考:)
Davos 2013 is shaping up to be the year when the forum’s bank participants try to fade into the background and finally put the financial crisis behind them.
在達沃斯，人們逐漸認識到，銀行界與會者在2013年會努力讓自己不再成為外界關注的焦點，并最終將金融危機拋在身后。
Public panels include only two or three devoted to financial services. At the more productive private meetings around the fringes, bankers say discussion is more upbeat than it has been since the crisis began half a decade ago.
眾多公開討論小組中，專門討論金融服務業(yè)話題的只有兩三個。在會議間歇更富成果的私下會談中，銀行家們表示，討論的氛圍比五年前危機爆發(fā)以來的任何時候都要樂觀。
Improving eurozone sentiment and a slowly brightening mood among banks’ corporate clients is heartening for bankers. All the same, no one can let go of the topic that has most vexed them for years – ever-increasing regulation.
歐元區(qū)的信心在不斷改善，銀行的企業(yè)客戶也慢慢變得更為樂觀，這令銀行家們備受鼓舞。不過，沒有一位銀行家能避而不談多年來最令他們困擾的話題——日益加強的監(jiān)管。
On the core eurozone discussion, the tone is of cautious optimism. “The system is slowly coming back to life,” said one investment bank boss, pointing to steady signs of eurozone recovery, most recently evident in this week’s Spanish sovereign debt auction.
在至關重要的歐元區(qū)討論中，基調(diào)是謹慎樂觀的。一家投行的老板表示，“整個體系正在慢慢恢復生機”。他指出，有穩(wěn)定跡象表明，歐元區(qū)正在復蘇，上周西班牙國債拍賣的結(jié)果就是最新證據(jù)。
“There’s definitely a change of tone,” added the board member of a US bank. “Our clients are definitely more upbeat.”
一位美國銀行的董事補充說：“基調(diào)確實發(fā)生了變化。我們的客戶毫無疑問更樂觀了。”
Around that average sentiment views ranged widely, stretching from the complacent to the doom-laden.
但在這種整體的基調(diào)之下，人們的觀點卻有很大差異：有些人的心態(tài)已有些自滿，也有些人仍持一種末世論調(diào)。
“It’s hard to see what could go wrong,” said one investment bank boss. This was in stark contrast with a warning from Axel Weber, chairman of UBS and ex-president of Germany’s Bundesbank, who said that patchwork fixes by central banks were just disguising problems that will return.
一家投行的老板表示：“現(xiàn)在很難看出哪方面會出問題?！彼@番話與瑞銀(UBS)董事長、德國央行(Bundesbank)前行長?？巳麪枴ろf伯(Axel Weber)的警告形成鮮明對比。韋伯表示，各國央行做出的打補丁式的調(diào)整，作用只是把問題掩蓋起來，日后問題會重新暴露出來。
“We’re living a better life now at the expense of future generations,” Mr Weber said.
韋伯表示：“我們現(xiàn)在的處境改善了，為此埋單的卻是我們的子孫?！?BR> As at recent Davos forums, the regulatory agenda has provided a focus. Bankers this year have bemoaned the breakdown in an international regulatory framework.
與近幾屆達沃斯論壇一樣，這一次，監(jiān)管議程仍是人們關注的焦點。今年的論壇上，銀行家們對國際監(jiān)管框架的破裂表示了不滿。
Mr Weber said: “You need a global standard. But this is not happening.”
韋伯表示：“需要建立一個全球標準，不過這個標準還沒出現(xiàn)?！?BR> He warned that, without a harmonised rule book, the dangers in the global banking system would increase. He contrasted the “Alpine” capital requirements in Switzerland with the diverse structural reforms under way in the US, the UK and potentially the EU.
他警告說，由于缺乏一致的規(guī)則，全球銀行體系中的危險可能會加大。他在發(fā)言中將瑞士“高不可攀”的資本金要求與美國、英國正在實施（歐盟可能也會實施）的各種結(jié)構(gòu)改革做了對比。
Worse still was the failure of policy makers to look across the financial services industry and join up the thinking on how banks and insurers should be regulated, critics said. One chief executive of a large US financial group said the regulatory situation was “really horrific”.
批評人士表示，更糟的是，政策制定者未能以全面的眼光看待整個金融服務業(yè)，未能就如何監(jiān)管銀行和保險公司達成一致意見。美國一家大型金融集團的首席執(zhí)行官表示，監(jiān)管形勢“真的非常糟糕”。
“If you take a nice business like the insurance business,” the chief executive said. “Here’s an industry that went through the crisis and had almost no problems. They’ve put in a whole new regulatory regime to make sure they can’t make money. It’s astonishing.”
這位首席執(zhí)行官說：“以情況比較好的行業(yè)為例，比如保險業(yè)。保險業(yè)安然度過了危機，幾乎沒出現(xiàn)任何問題。監(jiān)管者推出了一整套新監(jiān)管制度，以確保保險公司不能賺錢。這種做法令人震驚?！?BR> Another bank boss said privately he was “extremely worried” about the inability of European insurance companies to finance banks, under the prospective Solvency II rules. Tidjane Thiam, chief executive of UK insurer Prudential, said: “There is a lack of joined-up thinking. The insurance industry is [traditionally] the biggest investor in the banking industry but Solvency II says we can’t invest in banks.”
一家銀行的老板在私下里表示，醞釀中的《償付能力監(jiān)管標準II》(Solvency II)規(guī)定，歐洲的保險公司不能向銀行提供資金，這令他“憂心忡忡”。英國保險公司保誠(Prudential)行政總裁譚天忠(Tidjane Thiam)表示：“監(jiān)管者沒有全面考慮問題。保險業(yè)（歷來）是銀行業(yè)的投資者，但《償付能力監(jiān)管標準II》卻不允許我們投資于銀行。”
Friction was also evident between investors and companies – particularly financial groups. Paul Singer, head of Elliott Capital Management, slammed banks for “completely opaque” disclosures that made it impossible to know whether they were “risky or sound”.
投資者和企業(yè)（特別是金融集團）之間的摩擦也很明顯。埃利奧特資本管理公司(Elliott Capital Management)負責人保羅·辛格(Paul Singer)譴責銀行在信息披露方面“完全不透明”，導致投資者無從判斷銀行的狀況是“危險還是健康”。
For their part, corporate and bank executives are worried about a rise in shareholder activism and the focus on quarterly earnings. One participant said the “tyranny” of such frequent disclosures should be ended with a ban.
就企業(yè)和銀行高管而言，他們擔心的是股東活躍度上升、以及投資者對季度盈利的重視。一名與會者表示，應該設定規(guī)則禁止這種要求頻繁披露企業(yè)信息的“*”。
Most pernicious of all among the regulatory initiatives, several bankers said, was the ongoing – and arguably worsening – sense of uncertainty over what regulators and politicians have in mind next, particularly in Europe.
多位銀行家表示，這些監(jiān)管倡議帶來的最惡劣影響是，它們持續(xù)營造出一種不確定性（可以說，這種不確定性還在不斷加深），人們無法判斷監(jiān)管者和政客下一步打算做什么。這一點在歐洲特別明顯。
One top executive complained about the vacuum left by David Cameron, UK prime minister, with his promise that by 2017 he would hold a referendum on Britain’s EU membership. “You’ve already got unease over European Banking Union, the Liikanen proposals [to ringfence EU banks], the UK’s Vickers reforms. And now this. How do you plan when your financial systems are in flux for the next six years?
一名高管就對英國首相戴維·卡梅倫(David Cameron)留下的“真空”表示不滿?？穫惓兄Z稱，將在2017年底前就英國是否留在歐盟內(nèi)舉行全民公決。這名高管說：“歐洲銀行業(yè)聯(lián)盟(European Banking Union)、（圈護歐洲銀行的）利卡寧(Liikanen)提案、英國的維克斯(Vickers)改革，這些已經(jīng)夠讓人心神不寧的了?，F(xiàn)在又來了這個。如果你所處的金融體系在未來6年里都將動蕩不安，那你又如何制定計劃呢？”
Davos 2013 is shaping up to be the year when the forum’s bank participants try to fade into the background and finally put the financial crisis behind them.
在達沃斯，人們逐漸認識到，銀行界與會者在2013年會努力讓自己不再成為外界關注的焦點，并最終將金融危機拋在身后。
Public panels include only two or three devoted to financial services. At the more productive private meetings around the fringes, bankers say discussion is more upbeat than it has been since the crisis began half a decade ago.
眾多公開討論小組中，專門討論金融服務業(yè)話題的只有兩三個。在會議間歇更富成果的私下會談中，銀行家們表示，討論的氛圍比五年前危機爆發(fā)以來的任何時候都要樂觀。
Improving eurozone sentiment and a slowly brightening mood among banks’ corporate clients is heartening for bankers. All the same, no one can let go of the topic that has most vexed them for years – ever-increasing regulation.
歐元區(qū)的信心在不斷改善，銀行的企業(yè)客戶也慢慢變得更為樂觀，這令銀行家們備受鼓舞。不過，沒有一位銀行家能避而不談多年來最令他們困擾的話題——日益加強的監(jiān)管。
On the core eurozone discussion, the tone is of cautious optimism. “The system is slowly coming back to life,” said one investment bank boss, pointing to steady signs of eurozone recovery, most recently evident in this week’s Spanish sovereign debt auction.
在至關重要的歐元區(qū)討論中，基調(diào)是謹慎樂觀的。一家投行的老板表示，“整個體系正在慢慢恢復生機”。他指出，有穩(wěn)定跡象表明，歐元區(qū)正在復蘇，上周西班牙國債拍賣的結(jié)果就是最新證據(jù)。
“There’s definitely a change of tone,” added the board member of a US bank. “Our clients are definitely more upbeat.”
一位美國銀行的董事補充說：“基調(diào)確實發(fā)生了變化。我們的客戶毫無疑問更樂觀了。”
Around that average sentiment views ranged widely, stretching from the complacent to the doom-laden.
但在這種整體的基調(diào)之下，人們的觀點卻有很大差異：有些人的心態(tài)已有些自滿，也有些人仍持一種末世論調(diào)。
“It’s hard to see what could go wrong,” said one investment bank boss. This was in stark contrast with a warning from Axel Weber, chairman of UBS and ex-president of Germany’s Bundesbank, who said that patchwork fixes by central banks were just disguising problems that will return.
一家投行的老板表示：“現(xiàn)在很難看出哪方面會出問題?！彼@番話與瑞銀(UBS)董事長、德國央行(Bundesbank)前行長?？巳麪枴ろf伯(Axel Weber)的警告形成鮮明對比。韋伯表示，各國央行做出的打補丁式的調(diào)整，作用只是把問題掩蓋起來，日后問題會重新暴露出來。
“We’re living a better life now at the expense of future generations,” Mr Weber said.
韋伯表示：“我們現(xiàn)在的處境改善了，為此埋單的卻是我們的子孫?！?BR> As at recent Davos forums, the regulatory agenda has provided a focus. Bankers this year have bemoaned the breakdown in an international regulatory framework.
與近幾屆達沃斯論壇一樣，這一次，監(jiān)管議程仍是人們關注的焦點。今年的論壇上，銀行家們對國際監(jiān)管框架的破裂表示了不滿。
Mr Weber said: “You need a global standard. But this is not happening.”
韋伯表示：“需要建立一個全球標準，不過這個標準還沒出現(xiàn)?！?BR> He warned that, without a harmonised rule book, the dangers in the global banking system would increase. He contrasted the “Alpine” capital requirements in Switzerland with the diverse structural reforms under way in the US, the UK and potentially the EU.
他警告說，由于缺乏一致的規(guī)則，全球銀行體系中的危險可能會加大。他在發(fā)言中將瑞士“高不可攀”的資本金要求與美國、英國正在實施（歐盟可能也會實施）的各種結(jié)構(gòu)改革做了對比。
Worse still was the failure of policy makers to look across the financial services industry and join up the thinking on how banks and insurers should be regulated, critics said. One chief executive of a large US financial group said the regulatory situation was “really horrific”.
批評人士表示，更糟的是，政策制定者未能以全面的眼光看待整個金融服務業(yè)，未能就如何監(jiān)管銀行和保險公司達成一致意見。美國一家大型金融集團的首席執(zhí)行官表示，監(jiān)管形勢“真的非常糟糕”。
“If you take a nice business like the insurance business,” the chief executive said. “Here’s an industry that went through the crisis and had almost no problems. They’ve put in a whole new regulatory regime to make sure they can’t make money. It’s astonishing.”
這位首席執(zhí)行官說：“以情況比較好的行業(yè)為例，比如保險業(yè)。保險業(yè)安然度過了危機，幾乎沒出現(xiàn)任何問題。監(jiān)管者推出了一整套新監(jiān)管制度，以確保保險公司不能賺錢。這種做法令人震驚?！?BR> Another bank boss said privately he was “extremely worried” about the inability of European insurance companies to finance banks, under the prospective Solvency II rules. Tidjane Thiam, chief executive of UK insurer Prudential, said: “There is a lack of joined-up thinking. The insurance industry is [traditionally] the biggest investor in the banking industry but Solvency II says we can’t invest in banks.”
一家銀行的老板在私下里表示，醞釀中的《償付能力監(jiān)管標準II》(Solvency II)規(guī)定，歐洲的保險公司不能向銀行提供資金，這令他“憂心忡忡”。英國保險公司保誠(Prudential)行政總裁譚天忠(Tidjane Thiam)表示：“監(jiān)管者沒有全面考慮問題。保險業(yè)（歷來）是銀行業(yè)的投資者，但《償付能力監(jiān)管標準II》卻不允許我們投資于銀行。”
Friction was also evident between investors and companies – particularly financial groups. Paul Singer, head of Elliott Capital Management, slammed banks for “completely opaque” disclosures that made it impossible to know whether they were “risky or sound”.
投資者和企業(yè)（特別是金融集團）之間的摩擦也很明顯。埃利奧特資本管理公司(Elliott Capital Management)負責人保羅·辛格(Paul Singer)譴責銀行在信息披露方面“完全不透明”，導致投資者無從判斷銀行的狀況是“危險還是健康”。
For their part, corporate and bank executives are worried about a rise in shareholder activism and the focus on quarterly earnings. One participant said the “tyranny” of such frequent disclosures should be ended with a ban.
就企業(yè)和銀行高管而言，他們擔心的是股東活躍度上升、以及投資者對季度盈利的重視。一名與會者表示，應該設定規(guī)則禁止這種要求頻繁披露企業(yè)信息的“*”。
Most pernicious of all among the regulatory initiatives, several bankers said, was the ongoing – and arguably worsening – sense of uncertainty over what regulators and politicians have in mind next, particularly in Europe.
多位銀行家表示，這些監(jiān)管倡議帶來的最惡劣影響是，它們持續(xù)營造出一種不確定性（可以說，這種不確定性還在不斷加深），人們無法判斷監(jiān)管者和政客下一步打算做什么。這一點在歐洲特別明顯。
One top executive complained about the vacuum left by David Cameron, UK prime minister, with his promise that by 2017 he would hold a referendum on Britain’s EU membership. “You’ve already got unease over European Banking Union, the Liikanen proposals [to ringfence EU banks], the UK’s Vickers reforms. And now this. How do you plan when your financial systems are in flux for the next six years?
一名高管就對英國首相戴維·卡梅倫(David Cameron)留下的“真空”表示不滿?？穫惓兄Z稱，將在2017年底前就英國是否留在歐盟內(nèi)舉行全民公決。這名高管說：“歐洲銀行業(yè)聯(lián)盟(European Banking Union)、（圈護歐洲銀行的）利卡寧(Liikanen)提案、英國的維克斯(Vickers)改革，這些已經(jīng)夠讓人心神不寧的了?，F(xiàn)在又來了這個。如果你所處的金融體系在未來6年里都將動蕩不安，那你又如何制定計劃呢？”